topic Re: Turned down for a secured credit card, huh? in Credit Cards

Turned down for a secured credit card, huh?

Anonymous — Tue, 24 Feb 2009 01:22:20 GMT

so today my fiance went to wells fargo to apply for a secured card and was denied. His scores are in the 570s, which is higher than mine are but i was able to get one two weeks ago. I didn't even know you could be turned down for a secured card. Did the lady that helped him just not know what she was doing or something?

Re: Turned down for a secured credit card, huh?

Red1Blue — Tue, 24 Feb 2009 01:41:46 GMT

Have you tried your local credit union? Credit Unions are much more sympathetic and easier to work with.

Re: Turned down for a secured credit card, huh?

manyquestions — Tue, 24 Feb 2009 01:47:59 GMT

Wells Fargo turns people down sometimes. Two sure things are Orchard Bank secured and National City Bank secured. They don't turn anybody down.

Re: Turned down for a secured credit card, huh?

Anonymous — Tue, 24 Feb 2009 03:03:51 GMT

I recently got denied by both Wells Fargo and Citi. I am working on a recon as we speak. I did however get approved for National City, and awaiting a decision from US Bank. If US Bank does not do through, I may apply with Merrick Bank as a final resort.

Re: Turned down for a secured credit card, huh?

Anonymous — Tue, 24 Feb 2009 03:15:16 GMT

We applied at BOA today... Hopefully he's approved!

Re: Turned down for a secured credit card, huh?

llecs — Tue, 24 Feb 2009 04:05:38 GMT

Actually I was denied with BofA with an EX of 580. I focused on repair and reapplied and got a partially secured with them 3 months later.

Re: Turned down for a secured credit card, huh?

Anonymous — Tue, 24 Feb 2009 06:23:45 GMT

Darn... well at least this is a learning experience... before today I thought that you could not get turned down for a secured credit card. I thought anyone could open one. I guess we'll just wait for the denial and go with orchard or something.

Re: Turned down for a secured credit card, huh?

Anonymous — Tue, 24 Feb 2009 06:49:12 GMT

if denied go with hsbc\ orchard and try again in 6 months.

Re: Turned down for a secured credit card, huh?

Anonymous — Tue, 24 Feb 2009 17:49:13 GMT

@Anonymous wrote:
if denied go with hsbc\ orchard and try again in 6 months.

Hotsaka has it right. Orchard approved me for their secured product when Citi denied me for a secured card when I started building credit. I have no complaints about Orchard, they have been easy to make payments on and do not report as secured on the credit reports. You can pay them online, and it is free to do so. (Some banks and CC's charge to make online payments.)

Only bad thing about Orchard is it might take forever to unsecure.

Re: Turned down for a secured credit card, huh?

Anonymous — Thu, 26 Feb 2009 06:48:00 GMT

Hmmm, I was gonna do the Orchard bank card for him but there might be a problem... On his credit report he has a collection listed from best buy that says HSBC/best buy. Is it the same thing? If so I bet they wouldn't approve him for the card considering he owes them money. I'm confused tho, cuz the card was a best buy card. I dunno, should I try it or not?

Re: Turned down for a secured credit card, huh?

IcEWoLF — Thu, 26 Feb 2009 07:20:39 GMT

Sorry to hear about that, might want to check out Wells Fargo Financial.

Re: Turned down for a secured credit card, huh?

score_building — Thu, 26 Feb 2009 12:11:07 GMT

IcEWoLF wrote:
Sorry to hear about that, might want to check out Wells Fargo Financial.

a lending entity with the word "Financial" in its title is typically a CFL company. CFL accounts can cause a score ding.

CFL's in general, and especially too many, are to be avoided if possible for scoring purposes and because they can, in connection with other factors, make you look riskier to lenders.

Re: Turned down for a secured credit card, huh?

Anonymous — Wed, 16 Dec 2009 18:00:22 GMT

Yea. Credit unions are a joke too. I was a member of Pentagon Federal Credit Union (service member). I had 600 in my account and pledged 500 to a card of 500. My credit score is 791. Bought a new car almost 4 years ago. Bankruptcy in 2002. discharged 2002. And they turned me down and have yet to give me an explanation as to why.

I am very upset with them. I make over 40K a year and am married. My wife makes more than this. All we have is house payment and my car. Oh, wow, the just sent me an email saying if my wife would co sign on the card they would reconsider it.

A cosigner on a secure credit card? WHAT?

Banks, credit unions, they are all insane. I wish all of us in America could go credit less and ruin these companies.

Re: Turned down for a secured credit card, huh?

score_building — Wed, 16 Dec 2009 18:29:34 GMT

ssprayb31 wrote:
Yea. Credit unions are a joke too. I was a member of Pentagon Federal Credit Union (service member). I had 600 in my account and pledged 500 to a card of 500. My credit score is 791. Bought a new car almost 4 years ago. Bankruptcy in 2002. discharged 2002. And they turned me down and have yet to give me an explanation as to why.
I am very upset with them. I make over 40K a year and am married. My wife makes more than this. All we have is house payment and my car. Oh, wow, the just sent me an email saying if my wife would co sign on the card they would reconsider it.
A cosigner on a secure credit card? WHAT?
Banks, credit unions, they are all insane. I wish all of us in America could go credit less and ruin these companies.

it would most assuredly be mistaken to generalize an app experience with pen fed (their secured products are almost as difficult to qualify for as their unsecured) to all CU.

Almost any other major, regional or local CU would have less stringent underwriting and so may be a much better match for you at this juncture. So far CU are still VERY MUCH a breath of fresh air vs. most major banks.

I made the mistake of thinking it was pen fed or bust in my initial search for CU and when I finally looked at other CU (after a few pen fed denials) i went 4 for 4. look around, you'll see... it is not unusual for pen fed to deny at high 700 or even 800s if they don't feel comfortable with certain aspects of an applicant profile.

Re: Turned down for a secured credit card, huh?

cdtotten — Wed, 16 Dec 2009 18:39:58 GMT

Most Best Buy cards are HSBC products.

Re: Turned down for a secured credit card, huh?

laz98 — Thu, 17 Dec 2009 07:13:24 GMT

@cdtotten wrote:
Most Best Buy cards are HSBC products.

i thought they were ALL hsbc products???

Re: Turned down for a secured credit card, huh?

tdbss — Fri, 18 Dec 2009 00:48:35 GMT

Yup, same company

Re: Turned down for a secured credit card, huh?

Anonymous — Sat, 03 Nov 2012 04:02:21 GMT

From past experience I learned these cards are loaded with fees and a high interest rate to boot. Before you get to use this card a deposit is required on top of these fees and you have a bill before using it. Go to your local credit union.

Re: Turned down for a secured credit card, huh?

Tran92 — Sat, 03 Nov 2012 04:48:55 GMT

@Anonymous wrote:
so today my fiance went to wells fargo to apply for a secured card and was denied. His scores are in the 570s, which is higher than mine are but i was able to get one two weeks ago. I didn't even know you could be turned down for a secured card. Did the lady that helped him just not know what she was doing or something?

Does your fiance bank with Wells Fargo? If not, then that could be the problem. I find it odd that you can get denied for a secured card as well since there is no risk to them. If you are looking for a secured card try capital one. They report to all three credit bureau and if eligible you can make a $49 deposit for a $200 limit.

Re: Turned down for a secured credit card, huh?

Jutz — Sat, 03 Nov 2012 04:54:18 GMT

@Tran92 wrote:
@Anonymous wrote:
so today my fiance went to wells fargo to apply for a secured card and was denied. His scores are in the 570s, which is higher than mine are but i was able to get one two weeks ago. I didn't even know you could be turned down for a secured card. Did the lady that helped him just not know what she was doing or something?
Does your fiance bank with Wells Fargo? If not, then that could be the problem. I find it odd that you can get denied for a secured card as well since there is no risk to them. If you are looking for a secured card try capital one. They report to all three credit bureau and if eligible you can make a $49 deposit for a $200 limit.

lol. Zombie thread. This is from three years ago. I do hope she's figure out her card issue by now